New York Small Business Defaults Up in August
Chicago, IL, October 23, 2017 (Newswire.com) - PayNet, the leading provider of small business credit data and analysis for the commercial and industrial lending industry, reports that in August 2017 overall defaults worsened within New York's small businesses. Of the 18 major industries, 13 declined in the state compared to the prior month.
Despite a 3 basis point climb from July, New York's PayNet Small Business Default Index (SBDFI) at 1.81% was still 3 basis points less than the national SBDFI level of 1.84%. New York's SBDFI rose 26 basis points year-over-year, which was a significantly steeper climb than the 8 basis point increase displayed by the national SBDFI.
Transportation and Warehousing (3.00%); Accommodation and Food Services (2.72%); and Information (2.67%) displayed the highest default rates of all industries in New York. Nationally, Transportation and Warehousing had a default rate of 4.51%, with a difference of +0.48% compared to the prior year, while New York had a variance of +0.76%.
The PayNet Small Business Lending Index (SBLI) for New York registered at 100.3, outperforming the national SBLI level (99.3) and performing similarly to the previous month's state level. Small business borrowers are cautiously increasing investment.
"Time will tell how these conditions will affect New York's economy going forward," states the president of PayNet, William Phelan.
Source: www.paynet.com
